It depends on your building's specific rules. Most condops function like co-ops for residents - requiring board approval, maintenance payments, and proprietary lease compliance. However, transfer tax treatment and financing guidelines may differ from standard co-ops. The practical experience is usually closer to selling a co-op, but with additional structural complexity that requires clear communication.
From the seller playbook: Selling a Condop in NYC: Hybrid Structure, Board Rules, and Buyer Confusion
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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